Canadians on the move
More Canadians are planning to travel this year than in 2011 and the majority of trips will be out of the country, according to a recent study by BMO Bank of Montreal.
"Over the last two years, the strong Canadian dollar and relatively favorable income growth have made vacation travel outside of Canada much more attractive," said Sal Guatieri, Senior Economist, BMO Capital Markets. "We expect these conditions to similarly influence Canadians' travel plans in 2012."
During the third quarter (July 1-September 30) of 2011, spending by Canadians travelling abroad grew 11.2% to $7.3 billion compared to the same quarter in 2010. Of that, Canadian residents spent $4 billion in the United States, up 18 per cent from the third quarter of 2010.
During the same period, the number of trips to other countries (excluding the U.S.) increased by 3.3%, while trips to the United States increased by 6.7%.
Domestic travel is expected to increase by a more modest 1.8% in 2012 and generate 97.6 million overnight stays at hotels, inns and bed & breakfast facilities. Tourism spending in Canada is expected to rise by 3.6% to $40.5 billion this year.
"The United States remains the top travel destination outside Canada, with New York, Florida and Washington being the most visited states," said Su McVey, Vice President, BMO Bank of Montreal.
Mexico, Britain, and France are countries of choice for Canadians travelling to destinations outside of Canada and the United States. The top three travel destinations within Canada are Ontario, Quebec and British Columbia.
By David Wilkening
David
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